HISENSE H.A.(000921) 海通国际·2024-09-13 10:32Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of RMB 36.15 based on a 15x PE valuation for 2024 [1][8]. Core Insights - The company reported a revenue growth of 13.3% year-on-year for the first half of 2024, reaching RMB 48.64 billion, while net profit attributable to shareholders increased by 34.6% to RMB 2.02 billion [1][8]. - The company's profitability improved, with a gross profit margin of 21.28% and a net profit margin of 4.14% for the first half of 2024 [1][8]. - The company is advancing its globalization strategy and optimizing its governance structure, which is expected to support long-term growth in its central air conditioning business [1][8]. Revenue and Profit Performance - In Q2 2024, the company achieved revenue of RMB 25.16 billion, a 7.0% increase year-on-year, and net profit of RMB 1.04 billion, up 17.3% [1][8]. - The refrigeration business generated RMB 14.69 billion in revenue, growing at 26.8%, while the washing machine segment saw a 49.8% increase in main business revenue [1][8]. - Domestic sales revenue was RMB 25.33 billion, up 3.5% year-on-year, while overseas revenue reached RMB 18.21 billion, a 27.9% increase [1][8]. Segment Analysis - The HVAC business reported revenue of RMB 22.77 billion, a 7.6% increase year-on-year, with Hisense Hitachi contributing RMB 11.34 billion, up 0.3% [1][8]. - The company maintained a market share of over 20% in the multi-split air conditioning market, reinforcing its industry leadership [1][8]. Financial Forecast - The estimated EPS for 2024, 2025, and 2026 is projected to be RMB 2.41, 2.75, and 3.13 respectively, indicating a strong growth trajectory [1][8]. - The company’s gross margin is expected to improve gradually, reaching 23.1% by 2026 [5][8].